PART TWO OF STRATEGIC PLANNING FOR FAMILY-OWNED BUSINESSES

Just like Baskin-Robbins ice cream, strategies come in different flavors. And, just as one person prefers Rocky Road ice cream while another really wants Very Berry Strawberry, different family-owned businesses will gravitate toward a particular kind of strategy. The gravitational forces at work on your company are the industry you serve, the competitive landscape, your products and services, your customers, and your own business preferences or personality. Here’s the thing though: it’s important to know what kind of strategy you are following. If you don’t, you can’t drive your company to success. As we said in part one of this series, if you don’t know where you are going, any road will take you there. Focusing on your strategy is a best practice of effective organizations that achieve their mission and vision statements.